FAQ's

A mortgage is a loan provided by a financial institution to help individuals or families purchase a home. The borrower agrees to repay the loan over a specified period, typically with interest.

We offer various types of mortgages, including fixed-rate mortgages, adjustable-rate mortgages (ARMs), FHA loans, VA loans, and jumbo loans. Each type has its own features and benefits, catering to different financial situations.

A fixed-rate mortgage maintains the same interest rate for the entire loan term, providing stability in monthly payments. An adjustable-rate mortgage (ARM) has an interest rate that may change periodically, typically after an initial fixed-rate period, potentially resulting in fluctuating monthly payments.

The amount you can borrow depends on various factors, including your income, credit score, debt-to-income ratio, and the current market conditions. Our mortgage specialists can help you determine your borrowing capacity during the application process.

Down payment requirements vary depending on the type of loan and your financial situation. Generally, conventional loans may require a down payment of at least 3%, while government-backed loans like FHA loans may require down payments as low as 3.5%. However, higher down payments can result in better loan terms.

Common documents required for a mortgage application include proof of income (pay stubs, tax returns), asset statements, employment verification, identification, and details about your debts and expenses. Our team will guide you through the documentation process.

Pre-approval is a preliminary assessment of your creditworthiness by a lender, indicating the amount you may be eligible to borrow. It helps you understand your budget when house hunting and demonstrates to sellers that you are a serious buyer.

Closing costs are fees associated with finalizing a mortgage loan and transferring ownership of a property. They typically include appraisal fees, loan origination fees, title insurance, and more. Both the buyer and seller may be responsible for certain closing costs, which can vary depending on the terms of the purchase agreement.

Yes, you can refinance your mortgage to obtain better loan terms, such as a lower interest rate, shorter loan term, or cash-out option. Refinancing can help you save money over time or access equity in your home for other purposes.

Missing a mortgage payment can have serious consequences, including late fees, damage to your credit score, and the risk of foreclosure. It's essential to communicate with your lender if you're experiencing financial difficulties to explore available options, such as loan modification or forbearance.